The Washington Post
Consumer confidence dropped in July
U.S. consumer confidence slid again in July as higher prices for food, gas and just about everything else continued to weigh on Americans.
The Conference Board said Tuesday that its consumer confidence index fell to 95.7 in July from 98.4 in June, largely due to consumer anxiety over the current economic conditions, particularly four-decade high inflation. It’s the lowest reading since February of 2021.
The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — fell from 147.2 to 141.3.
Though gas prices have come down recently, the cutoff for the survey was July 21 and price declines may not have yet registered with respondents.
Broadly, the survey showed that fewer Americans think conditions will improve over the next six months and more were pessimistic about their financial prospects for the short term.